Economic recovery will be difficult, will take time – Ramaphosa
President Cyril Ramaphosa warned on Monday that South Africa’s economic recovery will be difficult and will take time, not least because the country is still in the midst of the coronavirus (Covid-19) pandemic.
It will soon be one year since the first reported Covid-19 case in South Africa and in his weekly letter to the nation, Ramaphosa said the pandemic had come at a great cost to public health and the livelihoods of millions of people.
He stated that the country’s focus must be to create an enabling environment for businesses to recover, as well as economic growth that encouraged job creation and that attracted investment.
In March last year, government introduced the special Covid-19 social grant and the Unemployment Insurance Fund’s Covid-19 Temporary Employer/Employee Relief Scheme as relief measures, which Ramaphosa said must be seen as the means to get the country’s economy back on its feet.
He explained that while these relief measures were designed to be temporary, the economy would continue to feel the effects of the pandemic for some time.
“We need to make sure that these relief measures provide a firm foundation for a broader recovery without driving the country deeper into debt. Unless we can bring our national debt down to sustainable levels, no meaningful economic recovery will be possible,” said Ramaphosa.
He added that the country’s national consciousness must now move beyond relief and into recovery, and he called for a national effort in this regard.
“As government, hard decisions on public spending will need to be made and implemented this year. Companies will need to be innovative in driving methods and processes that secure their sustainability and profitability, with job retention being their foremost consideration. We must put our money back into our economy by buying local products, supporting local businesses and industries and procuring from local suppliers,” he said.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.
VISIT SHOWROOM
For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
